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2015-12-04 21:55:00

CHINA DOUBLES OIL

CHINA DOUBLES OIL

China is likely to double its strategic crude oil purchases next year as one of the biggest ever price routs spurs a buying spree that would offer some support to battered markets for the commodity.

Beijing will add 70-90 million barrels of crude to storage tanks in 2016 to build up its strategic petroleum reserves (SPR), according to most respondents in a poll of five analysts and data collected by Reuters analysts.

That is the equivalent to almost a fortnight's worth of average Chinese imports and would help push the country's overall oil purchases to record levels, challenging the United States as the world's…

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Tags: OIL, PRICES
Chronicle:
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